Adani Power follows Adani Wilmar, market cap dips below ₹1 lakh crore
1 min read 13 May 2022, 08:20 AM ISTDuring the recent rally in Adani group stocks, majority of the FII's investments have gone to Adani shares that has put doubt into the minds of SEBI officials, said Avinash Gorakshkar of Profitmart Securities
PremiumFollowing recent sell-off in stock market, market cap of Adani Wilmar and Adani Power has slipped below ₹1 lakh crore. As per the BSE data, Adani Power ended on Thursday with a market cap of ₹93,550 crore whereas Adani Wilmar ended with market valuation of ₹75,615 crore. Last month, both these Adani stocks had entered the elite group of ₹1 lakh crore market capitalization. However, after newsbreak of SEBI's scrutiny of FII's investment in Adani group stocks, Adani group shares have been continuously nosediving.
Speaking on the reason for huge sell-off in Adani group stocks, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "During the recent rally in Adani group stocks, majority of the FII's investments have gone to Adani shares that has put doubt into the minds of SEBI officials. SEBI has already put Adani Wilmar in stage 4 of ASM list and market is buzz that some other Adani group stock may also figure in ASM list in coming times. So, there is trend reversal in regard to Adani group stocks at Dalal Street and hence mar5ket capitalization of Adani group stocks are expected to further come down till more clarity comes."
In last one week, Adani Power share price has dipped more than 13 per cent whereas Adani Wilmar share price has been hitting lower circuity for more than a week. After making a close on ₹841 on NSE on 27th April 2022, Adani Wilmar share price has come down at ₹581.80 levels, losing around 30 per cent in the last fortnight.
Meanwhile, Adani Green Energy market cap has also dipped and it has slipped to 10th spot in the list of India's most valuable listed company. On Thursday, Adani Green Energy ended with a market cap of ₹3,80,931 crore. On Wednesday, Adani Green was placed at 8th spot in the big boys club. HDFC Ltd and Bharti Airtel are now place at 8th and 9th spot respectively in the list of most valuable Indian companies.
Reliance Industries Limited or RIL continues to hold the top rank with market cap of ₹16,24,235 crore followed by TCS ( ₹12,48,102 crore) and HDFC Bank ( ₹7,23,023 crore) respectively.
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